Growth a big reality for AR, VR domestic market

Release time:

2023-01-18 14:45

China's market for augmented reality and virtual reality will expand quicker than any other major country over the next few years, on the back of mounting enthusiasm from both enterprises and consumers to embrace the applications, experts said.

 

The Chinese AR and VR market's average annual compound growth rate should be 43.8 percent from 2022 to 2026, compared with a 38.5 percent clip globally, market research company International Data Corp forecasted in a report.

 

Spending on AR and VR in China is predicted to hit $13.1 billion by 2026, making it the world's second-largest market, the report showed. Global spending may jump to $74.7 billion in 2026 over the same period.

 

VR accounts for 70 percent of investment in the two technologies in China, according to IDC. Gaming is the leading user scenario for VR, accounting for almost a third of its use, followed by training and collaboration. These three subcategories should constitute more than half of China's VR market from 2022 to 2026.

 

The reality-enriching sector is growing with an increasing number of consumer products available. Consumer-focused goods are predicted to make up nearly 40 percent of the entire AR and VR market by 2026. The education, healthcare and professional services sectors are expected to adopt immersive technologies, constituting more than 28 percent of their use, IDC added.

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